AFREXIMBANK INCLUDED IN SEM-10 INDEX IN MAURITIUS

 The Stock Exchange of Mauritius (SEM) has announced the inclusion of the African Export-Import Bank (Afreximbank) in the SEM-10 index.

An announcement posted on the SEM website on Wednesday listed Afreximbank among the SEM-10 Constituents for the third quarter starting 3 July 2019. Other companies on the list are: MCB Group Limited; IBL Ltd; SBM Holdings Ltd; Grit Real Estate Income Group Limited; ENL Limited (Ordinary A Shares); CIEL Limited; New Mauritius Hotels Limited; Rogers & Company Limited; and Lux Island Resorts Ltd.

The index tracks the performance of the 10 largest stocks on the SEM in terms of market capitalization and the 10 most liquid stocks in terms of average value traded and trading frequency during the preceding three months.

Being part of the SEM-10 index is expected to enhance Afreximbank’s visibility with local and international investors and, potentially, encourage institutional investors that track the index to include the Bank’s Depositary Receipts in their investment portfolios.

Ninety per cent of foreign investors’ transactions on SEM-listed stocks are targeted towards companies that are included in the SEM-10 index. Moreover, some of the larger companies in the index are tracked closely by global data vendors like Bloomberg, Factset and Refinitiv, as well as by global Index providers, such as S&P, Dow Jones, MSCI and FTSE.

The SEM-10 Index is subject to quarterly reviews and to remain in the index, companies need to ensure regular trading of their securities.

Afreximbank currently ranks as the SEM’s third best performing stock on a year-to-date basis in 2019, with a performance of 26.5 per cent.

FQM HIGHLIGHTS IMPORTANCE OF COMPETITIVE TAX REGIME

Mining firm believes Zambia’s tax regime increases the cost of operating and challenges the economic viability of existing mine operations

First Quantum Minerals says Zambia must implement a competitive and stable tax regime in order to attract new foreign investors and promote existing investments in the mining sector.

First Quantum Minerals Head of Government Affairs John Gladston says Zambia’s current mining tax regime poses a range of difficulties to the sector making it unattractive to potential investors when put alongside other copper mining countries.

FQM Mine site

He says government and the private sector should seek to create a framework in which a modern, progressive, developing commodity-based economy can be built; a scenario where investors vie to invest in Zambia.

Mr Gladston was speaking during a panel discussion on “establishing mutually beneficial fiscal regimes” at the 9th Zambia International Mining and Energy Conference and Exhibition (ZIMEC) in Lusaka.

This year’s conference was held under the theme “Creating an attractive investment framework to catalyse Zambia’s mining and energy sectors”.